Financial Knowledge for Young People

Financial Knowledge for Young People

Statistics can be shocking. The vast majority of 91 percent of British adults have never received hours at school for basic financial management, such as budgeting. This suggests that Britain is facing significant financial shortcomings as the current generation is struggling to equip its children with the necessary financial skills. And the British 30 million (66%) believe that financial lessons have provided them with the knowledge and understanding to better address the financial challenges of modern life, explains Lapenna. An outstanding symptom of a lack of financial education is the growing debt that many households experience.

Clear! When it comes to money, many of us are not fully aware of how to manage our money effectively. MyBnk believes that there is a real need for banks to be informed consumers of new generations. "Our research has shown that against the change of banks, inertia in the UK is becoming more and more people than changing banks," says Lapenna, who was born in Italy and grew up in London. Lapenna has international experience in international development, focusing on parallel education and backward links to micro finance.

MyBnk aims to increase young people's financial literacy and develop their corporate skills. The approach is to provide practical experience with the organization, operation and use of financial services in MyBnk Branches & # 39; also known as "MyBnk-in-a-Box". This is done in high schools and colleges that provide a comfortable place for young people to save and take out small, interest-free loans.

Co-operative and individual savings are encouraged. This helps young people to put their ideas into practice by leveraging small business loans that are used to develop entrepreneurial activity.

"We currently operate 7 MyBnk accounts and currently sign 30 new high schools / colleges in September," explains Lapenna.

The organization seems to be receiving great support from major social organizations. John Bird, CEO and Founder of Big Issue, says: "If you have money and you know how to deal with it, your choice is free. Independence, choice and education."

Company ideas can be great and can really help everyone, sometimes it is difficult to finance, and sustainability is another challenge. But MyBnk's business model is spectacular. "We are a mixed social enterprise, so we have a wide range of financing from promises, grants, contracts and open market sales," said Lapenna.

Donations to MyBnk are basic costs, product development costs, and shipping costs. "We believe in minimal spending and maximum impact. On that day, we managed to make a significant impact on working with 2,000 young people in a very small budget," says Lapenna.

Lily Lapenna belongs to many of today's social entrepreneurs. Encouraged me to set up MyBnk in response to a need through a very strong conversation with Michael Norton, a social entrepreneur and The Leader World. "I was inspired, and because I realized it was possible to use micro-finance in Bangladesh. We decided to use microfinance as an educational tool with young people in the UK," he explains.

In Zimbabwe, Bangladesh, Italy, Thailand and the UK on their own projects, as well as in NGOs such as BRAC, Gemin-i.org and Plan International, Lapenna's work focuses on innovation in informal education and developing young people's skills. "I am a true believer in facilitating change, not in creating or concluding it," he added.